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Jiangsu Salt Industry Group to issue RMB 500 mln bills

Sep. 3, 2012 (China Knowledge) - Jiangsu Salt Industry Group Co Ltd has announced it will issue RMB 500 million in unsecured short-term bills with a maturity of 365 days in the interbank market on Sep 10.

The company said in a statement that the bills will be issued at face value, and the coupon rate determined in the process of book-building.

Both value and payment due date is set on Sep 11, and the to-be-issued bills tradable Sep 12.

RMB 150 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 350 million to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.

Industrial and Commercial Bank of China<601398><1398> has been assigned as the lead underwriter and bookrunner for the offering.

This will be the issuer's first short-term bills this year.

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